One United Properties’ shareholders approve payment of a dividend of EUR 15.2 mln for the financial year 2023
One United Properties (BVB: ONE), the leading Romanian green developer of residential, mixed-use and office real estate, held, on April 25th, 2024, the General Meeting of Shareholders (GMS). During the GMS, the shareholders approved, among…
One United Properties (BVB: ONE), the leading Romanian green developer of residential, mixed-use and office real estate, held, on April 25th, 2024, the General Meeting of Shareholders (GMS). During the GMS, the shareholders approved, among other items, the distribution of the second tranche of the dividends from 2023 profits, the 2024 budget, and elected members of the Board of Directors. The quorum of the GMS was over 80%.
“On behalf of One United Properties' Board of Directors, I would like to thank all our shareholders for their active participation in our Annual General Meeting of Shareholders. The approval of key points related to financing and governance underscores our collective confidence and commitment to the management's vision, as it was recently presented during our capital markets day. The ONE 2030 strategy is ambitiously set to further expand our footprint in the Bucharest residential market, consolidate our position in the office sector, and venture into the hospitality industry. As we grow, we are equally committed to maintaining the highest standards of corporate governance, ensuring transparency and integrity in all our activities. These elements are vital as they aim not only for financial growth but also for sustainable expansion of One United Properties leadership position,” said Claudio Cisullo, Chairman of the Board at One United Properties.
Following the approval of the shareholders at the GSM, for 2024, One United Properties targets consolidated gross turnover in 2023 of EUR 349.9 mln, a 14% increase compared to the 2023 result and a result from operating activity of EUR 137.5 mln, a 21% increase driven by higher sales of residential property. The consolidated gross profit target is EUR 123.5 mln, 15% higher than the result for 2023, while the net profit is estimated to reach EUR 105 mln in 2024, a 16% increase versus 2023, with the net margin expected at 30%.
In 2023, One United Properties achieved a 30% year-on-year increase in consolidated turnover, reaching EUR 308.1 mln, a record for the group. This growth was driven by a robust residential market, with sales up 46% year-on-year to EUR 228.5 mln and a 62% increase in rental income, totalling EUR 25.9 mln. The gross profit for the year stood at 107.5 million euros, an 11% increase on a normalized basis from the previous year. The Company's gross loan-to-value ratio stood at 28% as of December 31st, 2023, while the net debt amounted to 12% of the total assets of 1 billion euros.
For 2023, One United Properties proposes distributing a total gross dividend of EUR 15.2 mln. The first tranche of gross dividends of EUR 7.6 mln was approved in the GMS in October 2023 and was distributed on January 31st, 2024. For the April 2024 GSM, the Board of Directors proposed the approval of the second tranche of EUR 7.6 eur to the shareholders. Following the approval at the GMS, the gross dividend of EUR 0.002 (RON 0.01) per share will be paid on July 15th, 2024. One United Properties’ dividend policy includes the payment of dividends on a semi-annual basis.
